Without resorting to funny foreign names like Berliner or a fashionable tabloid shape, the paper has managed to modernise in a way that is unlikely to upset even its most venerable readers. The package is rather attractive in a basic sort of way. A broadsheet main section, a 16-page separate broadsheet business section and, in a nod to the future, a 32-page compact sports section.
A quick flick of the revamped paper is enough to tell just how much the Telegraph suffered during the years of uncertainty over ownership after Hollinger investors started to wonder quite why Conrad Black had so many executive jets. The business section in particular was allowed to wither on the vine. From being second only to the Financial Times, the Telegraph was beaten into third place - at least - day after day by The Times. Now with new people, more resources and its own front page, it is Times Business, buried deep in the bowels of a tabloid paper, that had better watch out.
The Telegraph was absolutely right to resist the tabloid momentum, at least for now, both for its readers and the class of paper it is aiming to create. Maybe one day there really will be no choice if that is what readers want. But what if quality of news and content should turn out to be rather more important than format? Early days yet, but there are some signs that the circulation gains papers have enjoyed from moving to tabloid could be a temporary phenomenon.
In the old days, the Telegraph was noted for its reliably accurate news, sport and business. In a world where stories being spun and distorted to within an inch of their lives is commonplace, there might be a place for a news-paper that actually does what it says on the tin.
Politically, the paper should have an interesting few years to look forward to, particularly if the Tory faithful, many of them obviously Torygraph readers, opt for rebirth in the shape of David Cameron, the former director of communications at Carlton Communications. Cameron not only has political skills; it is not widely appreciated that his diplomatic sense is also impeccable. How else could he have survived 10 rounds with Michael Green?
Having to take on Gordon Brown would be a cinch by comparison.
The personnel changes are also impressive, although former BBC business editor Jeff Randall should stop going around calling himself editor-at-large before we all die laughing. Roy Greenslade from The Guardian and Will Lewis from The Sunday Times are also good signings.
Next, stir in the effect of new Conservative owners in the shape of the Barclay brothers, who might not be totally averse to add-ing peerages to their twin knighthoods and who obviously don't mind spending some of their money. It all adds up to the most favourable set of circumstances the Telegraph has enjoyed for many years.
It may not be enough, of course. The Telegraph has always enjoyed considerable loyalty from its readers. Unfortunately, not all of them have been able to hang around for ever, and the young never wanted to be caught dead holding a copy of it. The fact that we are now in an era when the young are even less likely to read any newspaper, never mind the Daily Telegraph, will not help in the longer term.
The good news for the Barclays is that maybe in the end, all of those who like a broadsheet newspaper with lots of properly illustrated stories displayed on a front page will gravitate toward the Telegraph. The experiment is worth trying and I can feel something starting to happen already.
30 SECONDS ON ... DAILY TELEGRAPH APPOINTMENTS
- Jeff Randall left the BBC to join The Daily Telegraph's new stand-alone business section. He continues to present several BBC shows, including Weekend Business radio show on Radio 5 Live.
- Randall had previously worked for The Daily Telegraph in the late-80s, and wrote a column in the Sunday Telegraph from 2001 to 2004.
- William Lewis joined the paper last month from The Sunday Times. The former business editor has been appointed City editor. Lewis will also fill the role of joint deputy editor, sharing the role with Neil Darbyshire, who has been promoted from executive director.
- Earlier this month, Damien Reece moved from The Independent, where he was City editor. He works under Lewis, covering City stories on the business section. Reece had joined The Independent from The Sunday Telegraph in 2003.